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Investing in ICOs can bring good returns as well as bad results. Therefore, before investing in an ICO, you need to research the project in detail. The Initial Coin Offering (ICO) market is an unregulated market, so your risk of losing your money is slightly higher than usual.
Finding a high-profit ICO is not an easy task. However, there are still some steps you can take to find the best ICO to invest in. In this article, we will provide you with golden information on how to find the best ICO.
Verify Projects on Major Platforms
The first step you should take to find the best ICO should be to start by researching what is discussed on popular crypto forums like BitcoinTalk. So much so that you can have an idea about the projects that people are excited about, as well as a wide variety of advice on such platforms.
Reddit and Steamit platforms have very active ICO forums where you can get ideas about ICOs. In addition to getting an idea about your potential investment in such forums, you can also get some useful tips from experienced traders. Therefore, never hesitate to ask questions while researching your project.
Research the Team Behind the Project
After doing some research and getting an idea about your project, another important criterion you should look at is the team behind the project. Because the best ICOs always have a very strong team behind them.
Where and to whom you will invest is a very important issue, and you need to do your research well on this subject. Therefore, research well the people who will buy your investment. Never invest in that ICO if the development teams don't have enough experience to perform the required tasks.
Start researching the team behind the project with the team's social media accounts. Social media research can reveal a lot about a project's team.
Are the people on the development team in contact with other professionals in this field? If the person in question is having technical discussions with other well-known crypto developers, it indicates that they are experienced in the field.
On the other hand, if the development team of a project is not shared with investors, stay away from that ICO. Although this may seem like a simple situation, investors lose millions of dollars every month because they have no knowledge of the team between the project they invest in. So this is an important issue to research before investing in an ICO.
Venture Capital Financing
What is venture capital financing? Venture capital financing is a form of private equity financing provided by venture capital firms or funds to high growth startups, early stage and emerging companies that are considered to have high growth potential.
Therefore, it is very important that you contact the development team of the project at this step. This will help you determine the level of venture capital (VC) funding the project has already reached. VC funding is the lifeblood of many startups. VC investors are seasoned professionals who don't invest their money in a project unless they're sure the team can deliver on their promises.
Another important factor to consider when finding the best ICO to invest in is the level of community support within the project. GitHub can be seen as an important starting point for open source projects like Bitcoin. This platform allows developers from around the world to work on the same project at the same time.
With an active GitHub, the project always enjoys strong support from the development community. Therefore, such a project is not a project with little or no activity.
Additionally, you should research the project's Slack Channel and Telegram. Both of these platforms are important channels for ICOs to inform potential investors.
Review the White Paper
After completing your background research on the project, you are now ready to review the project's White Paper. If you are not familiar with what a good White Paper should be, you should read Satoshi Nakamoto's Bitcoin whitepaper.
We have shared the common parts of most of the white papers and a brief summary of these parts below.
In general, the sections that should be in a white paper are as follows;
Overview: This is where you will learn about the market problems that the project aims to fix. This section consists of statistics, studies and charts that support why the platform is important to the market.
Specifications: The specifications section of the whitepaper is where you can learn exactly how the platform works. This section is supposed to contain a flowchart describing the use of the platform.
Roadmap: A roadmap is a graphical, high-level overview of the goals of the project and the key steps or milestones needed to achieve it, presented on a timeline.
Token Information: This section tells you what kind of token the platform is using. In this section, you need to be told whether the token works on a unique blockchain or has been withdrawn from another blockchain. ERC-20 tokens are the most common type of ICO tokens in existence today. These tokens run on the Ethereum blockchain.
Team: The team section gives you information about the team behind the project. In this section, you can see who established the project and who developed the project. Most team sections include a photo with a small caption describing the experience and previous praise of team members.
Search the Codes of the Project
Another important issue to consider when choosing a good project is whether the project is open source or not. If the ICO you intend to invest in is not open source, then you may prefer to stay away from the project.
You can contact the developers of the project to find out if the project is open source. When you contact the developers, tell them that you are interested in investing in their project and that you want to review the coding to make sure the project is sound.
In this case, if they tell you that the project is open source, that means they are serious about their project. Therefore, it will be a much better choice for you to invest only in open source ICOs.
Now You Are Ready To Find The Best ICO
Now that you understand all the factors you need to consider when choosing an ICO, you can start researching to make the best investment. No one can say for sure whether you will profit or not, but when investing in ICOs, you can turn the odds in your favor by following the appropriate protocol.